Benefits Payable in Terminated Single-Employer Plans; Allocation of Assets in Single-Employer Plans; Interest Assumptions for Valuing and Paying Benefits, 19429-19431 [06-3572]

Download as PDF 19429 Rules and Regulations Federal Register Vol. 71, No. 72 Friday, April 14, 2006 This section of the FEDERAL REGISTER contains regulatory documents having general applicability and legal effect, most of which are keyed to and codified in the Code of Federal Regulations, which is published under 50 titles pursuant to 44 U.S.C. 1510. The Code of Federal Regulations is sold by the Superintendent of Documents. Prices of new books are listed in the first FEDERAL REGISTER issue of each week. DEPARTMENT OF HEALTH AND HUMAN SERVICES Food and Drug Administration 21 CFR Part 520 Oral Dosage Form New Animal Drugs; Fenbendazole Granules AGENCY: Food and Drug Administration, HHS. ACTION: Final rule. SUMMARY: The Food and Drug Administration (FDA) is amending the animal drug regulations to reflect approval of a supplemental new animal drug application (NADA) filed by Intervet, Inc. The supplemental NADA provides for minor changes to the labeling of over-the-counter fenbendazole granules, used for the treatment and control of certain internal parasites in dogs. DATES: This rule is effective April 14, 2006. hsrobinson on PROD1PC61 with RULES FOR FURTHER INFORMATION CONTACT: Melanie R. Berson, Center for Veterinary Medicine (HFV–110), Food and Drug Administration, 7500 Standish Pl., Rockville, MD 20855, 301–827–7540, email: melanie.berson@fda.hhs.gov. SUPPLEMENTARY INFORMATION: Intervet, Inc., P.O. Box 318, 29160 Intervet Lane, Millsboro, DE 19966, filed a supplement to NADA 121–473 that provides for over-the-counter use in dogs of SAFEGUARD (fenbendazole) Canine, orally administered granules used for the treatment and control of certain internal parasites. The supplemental NADA provides for minor changes to product labeling. The supplemental NADA is approved as of March 17, 2006, and the regulations are amended in 21 CFR 520.905b to reflect the approval. Approval of this supplemental NADA did not require review of additional safety or effectiveness data or VerDate Aug<31>2005 14:22 Apr 13, 2006 Jkt 208001 information. Therefore, a freedom of information summary is not required. The agency has determined under 21 CFR 25.33(d)(1) that this action is of a type that does not individually or cumulatively have a significant effect on the human environment. Therefore, neither an environmental assessment nor an environmental impact statement is required. This rule does not meet the definition of ‘‘rule’’ in 5 U.S.C. 804(3)(A) because it is a rule of ‘‘particular applicability.’’ Therefore, it is not subject to the congressional review requirements in 5 U.S.C. 801–808. List of Subjects in 21 CFR Part 520 Animal drugs. I Therefore, under the Federal Food, Drug, and Cosmetic Act and under the authority delegated to the Commissioner of Food and Drugs and redelegated to the Center for Veterinary Medicine, 21 CFR part 520 is amended as follows: PART 520—ORAL DOSAGE FORM NEW ANIMAL DRUGS 1. The authority citation for 21 CFR part 520 continues to read as follows: I Authority: 21 U.S.C. 360b. § 520.905b [Amended] 2. In paragraph (d)(2)(ii) of § 520.905b, remove the word ‘‘removal’’ and add, in its place, the words ‘‘treatment and control’’. I Dated: April 6, 2006. Steven D. Vaughn, Director, Office of New Animal Drug Evaluation, Center for Veterinary Medicine. [FR Doc. 06–3586 Filed 4–13–06; 8:45 am] BILLING CODE 4160–01–S PENSION BENEFIT GUARANTY CORPORATION 29 CFR Parts 4022 and 4044 Benefits Payable in Terminated SingleEmployer Plans; Allocation of Assets in Single-Employer Plans; Interest Assumptions for Valuing and Paying Benefits Pension Benefit Guaranty Corporation. ACTION: Final rule. AGENCY: SUMMARY: The Pension Benefit Guaranty Corporation’s regulations on Benefits PO 00000 Frm 00001 Fmt 4700 Sfmt 4700 Payable in Terminated Single-Employer Plans and Allocation of Assets in Single-Employer Plans prescribe interest assumptions for valuing and paying benefits under terminating singleemployer plans. This final rule amends the regulations to adopt interest assumptions for plans with valuation dates in May 2006. Interest assumptions are also published on the PBGC’s Web site (https://www.pbgc.gov). DATES: Effective May 1, 2006. FOR FURTHER INFORMATION CONTACT: Catherine B. Klion, Attorney, Legislative and Regulatory Department, Pension Benefit Guaranty Corporation, 1200 K Street, NW., Washington, DC 20005, 202–326–4024. (TTY/TDD users may call the Federal relay service toll-free at 1–800–877–8339 and ask to be connected to 202–326–4024.) SUPPLEMENTARY INFORMATION: The PBGC’s regulations prescribe actuarial assumptions—including interest assumptions—for valuing and paying plan benefits of terminating singleemployer plans covered by title IV of the Employee Retirement Income Security Act of 1974. The interest assumptions are intended to reflect current conditions in the financial and annuity markets. Three sets of interest assumptions are prescribed: (1) A set for the valuation of benefits for allocation purposes under section 4044 (found in Appendix B to Part 4044), (2) a set for the PBGC to use to determine whether a benefit is payable as a lump sum and to determine lump-sum amounts to be paid by the PBGC (found in Appendix B to Part 4022), and (3) a set for private-sector pension practitioners to refer to if they wish to use lump-sum interest rates determined using the PBGC’s historical methodology (found in Appendix C to Part 4022). This amendment (1) Adds to Appendix B to Part 4044 the interest assumptions for valuing benefits for allocation purposes in plans with valuation dates during May 2006, (2) adds to Appendix B to Part 4022 the interest assumptions for the PBGC to use for its own lump-sum payments in plans with valuation dates during May 2006, and (3) adds to Appendix C to Part 4022 the interest assumptions for private-sector pension practitioners to refer to if they wish to use lump-sum interest rates determined using the E:\FR\FM\14APR1.SGM 14APR1 19430 Federal Register / Vol. 71, No. 72 / Friday, April 14, 2006 / Rules and Regulations PBGC’s historical methodology for valuation dates during May 2006. For valuation of benefits for allocation purposes, the interest assumptions that the PBGC will use (set forth in Appendix B to part 4044) will be 5.90 percent for the first 20 years following the valuation date and 4.75 percent thereafter. These interest assumptions represent an increase (from those in effect for April 2006) of 0.30 percent for the first 20 years following the valuation date and are otherwise unchanged. These interest assumptions reflect the PBGC’s recently updated mortality assumptions, which are effective for terminations on or after January 1, 2006. See the PBGC’s final rule published December 2, 2005 (70 FR 72205), which is available at https://www.pbgc.gov/ docs/05-23554.pdf. Because the updated mortality assumptions reflect improvements in mortality, these interest assumptions are higher than they would have been using the old mortality assumptions. The interest assumptions that the PBGC will use for its own lump-sum payments (set forth in Appendix B to part 4022) will be 3.00 percent for the period during which a benefit is in pay status and 4.00 percent during any years preceding the benefit’s placement in pay Rate set For plans with a valuation date On or after * 151 status. These interest assumptions represent an increase (from those in effect for April 2006) of 0.25 percent for the period during which a benefit is in pay status and are otherwise unchanged. For private-sector payments, the interest assumptions (set forth in Appendix C to part 4022) will be the same as those used by the PBGC for determining and paying lump sums (set forth in Appendix B to part 4022). The PBGC has determined that notice and public comment on this amendment are impracticable and contrary to the public interest. This finding is based on the need to determine and issue new interest assumptions promptly so that the assumptions can reflect, as accurately as possible, current market conditions. Because of the need to provide immediate guidance for the valuation and payment of benefits in plans with valuation dates during May 2006, the PBGC finds that good cause exists for making the assumptions set forth in this amendment effective less than 30 days after publication. The PBGC has determined that this action is not a ‘‘significant regulatory action’’ under the criteria set forth in Executive Order 12866. Because no general notice of proposed rulemaking is required for this * 151 hsrobinson on PROD1PC61 with RULES Jkt 208001 Authority: 29 U.S.C. 1302, 1322, 1322b, 1341(c)(3)(D), and 1344. 2. In appendix B to part 4022, Rate Set 151, as set forth below, is added to the table. I Appendix B to Part 4022—Lump Sum Interest Rates for PBGC Payments * * * * * * 4.00 4.00 n1 n2 * * 7 8 * * * n1 n2 * Deferred annuities (percent) Immediate annuity rate (percent) i1 i2 i3 3.00 * 4.00 * 4.00 4.00 * * 7 8 Authority: 29 U.S.C. 1301(a), 1302(b)(3), 1341, 1344, 1362. Appendix B to Part 4044—Interest Rates Used to Value Benefits 5. In appendix B to part 4044, a new entry for May 2006, as set forth below, is added to the table. * I 4. The authority citation for part 4044 continues to read as follows: 14:22 Apr 13, 2006 1. The authority citation for part 4022 continues to read as follows: I * 4.00 * PART 4044—ALLOCATION OF ASSETS IN SINGLE-EMPLOYER PLANS VerDate Aug<31>2005 PART 4022—BENEFITS PAYABLE IN TERMINATED SINGLE-EMPLOYER PLANS i3 6–1–06 I In consideration of the foregoing, 29 CFR parts 4022 and 4044 are amended as follows: I Appendix C to Part 4022—Lump Sum Interest Rates for Private-Sector Payments Before * 5–1–06 Employee benefit plans, Pension insurance, Pensions. 3.00 For plans with a valuation date On or after 29 CFR Part 4044 i2 * Rate set Employee benefit plans, Pension insurance, Pensions, Reporting and recordkeeping requirements. Deferred annuities (percent) * 3. In appendix C to part 4022, Rate Set 151, as set forth below, is added to the table. 29 CFR Part 4022 i1 6–1–06 I List of Subjects Immediate annuity rate (percent) Before * 5–1–06 amendment, the Regulatory Flexibility Act of 1980 does not apply. See 5 U.S.C. 601(2). PO 00000 Frm 00002 Fmt 4700 Sfmt 4700 E:\FR\FM\14APR1.SGM * * 14APR1 * * 19431 Federal Register / Vol. 71, No. 72 / Friday, April 14, 2006 / Rules and Regulations The values of it are: For valuation dates occurring in the month— it * * * May 2006 ...................................................................................... Issued in Washington, DC, on this 7th day of April 2006. Vincent K. Snowbarger, Deputy Executive Director, Pension Benefit Guaranty Corporation. [FR Doc. 06–3572 Filed 4–13–06; 8:45 am] BILLING CODE 7709–01–P DEPARTMENT OF HOMELAND SECURITY Coast Guard 33 CFR Parts 100, 147 and/or 165 [USCG–2006–24413] Quarterly Listings; Safety Zones, Security Zones and Special Local Regulations Coast Guard, DHS. Notice of temporary rules AGENCY: ACTION: issued. SUMMARY: This document provides required notice of substantive rules issued by the Coast Guard and temporarily effective between October 1, 2005 and December 31, 2005, which were not published in the Federal Register. This quarterly notice lists special local regulations, security zones, and safety zones, all of limited duration and for which timely publication in the Federal Register was not possible. DATES: This document lists temporary Coast Guard rules that became effective and were terminated between October 1, 2005 and December 31, 2005. ADDRESSES: The Docket Management Facility maintains the public docket for this notice. Documents indicated in this notice will be available for inspection or hsrobinson on PROD1PC61 with RULES Docket No. CGD01–05–093 CGD05–05–121 CGD05–05–132 CGD05–05–133 CGD05–05–134 CGD05–05–135 CGD05–05–136 CGD05–05–500 CGD07–05–137 CGD07–05–150 CGD07–05–151 CGD09–05–129 CGD09–05–132 CGD09–05–133 VerDate Aug<31>2005 for t = * .0590 it 1–20 for t = it .0475 * >20 N/A * copying at the Docket Management Facility, U.S. Department of Transportation, Room PL–401, 400 Seventh Street, SW., Washington, DC 20593–0001 between 9 a.m. and 5 p.m., Monday through Friday, except Federal holidays. You may electronically access the public docket for this notice on the Internet at https://dms.dot.gov. FOR FURTHER INFORMATION CONTACT: For questions on this notice contact Ms. Lesley Mose, Office of Regulations and Administrative Law, telephone (202) 267–1477. For questions on viewing, or on submitting material to the docket, contact Ms. Angie Ames, Program Manager, Docket Operations, telephone 202–366–5115. SUPPLEMENTARY INFORMATION: Coast Guard District Commanders and Captains of the Port (COTP) must be immediately responsive to the safety and security needs within their jurisdiction; therefore, District Commanders and COTPs have been delegated the authority to issue certain local regulations. Safety zones may be established for safety or environmental purposes. A safety zone may be stationary and described by fixed limits or it may be described as a zone around a vessel in motion. Security zones limit access to prevent injury or damage to vessels, ports, or waterfront facilities and may also describe a zone around a vessel in motion. Special local regulations are issued to enhance the safety of participants and spectators at regattas and other marine events. Timely publication of these rules in the Federal Register is often precluded when a rule responds to an emergency, or when an event occurs without sufficient advance notice. The affected * Dated: April 5, 2006. S.G. Venckus, Chief, Office of Regulations and Administrative Law. Type Boston, MA ................................... Virginia Beach, VA ....................... Norfolk, VA ................................... Annapolis, MD .............................. James River, VA ........................... James River, VA ........................... James River, VA ........................... Cape Fear River, NC .................... Jacksonville, FL ............................ Savannah, GA .............................. Charleston, SC ............................. Waugoshance Light House, MI .... Chicago, IL ................................... Milwaukee, WI .............................. Safety Zones (Parts 147 and 165) ...................................................... Safety Zones (Parts 147 and 165) ...................................................... Safety Zones (Parts 147 and 165) ...................................................... Security Zones (Part 165) .................................................................... Safety Zones (Parts 147 and 165) ...................................................... Safety Zones (Parts 147 and 165) ...................................................... Safety Zones (Parts 147 and 165) ...................................................... Safety Zones (Parts 147 and 165) ...................................................... Special Local Regulations (Part 100) .................................................. Special Local Regulations (Part 100) .................................................. Special Local Regulations (Part 100) .................................................. Safety Zones (Parts 147 and 165) ...................................................... Safety Zones (Parts 147 and 165) ...................................................... Safety Zones (Parts 147 and 165) ...................................................... 14:22 Apr 13, 2006 Jkt 208001 PO 00000 Frm 00003 Fmt 4700 Sfmt 4700 N/A public is, however, informed of these rules through Local Notices to Mariners, press releases, and other means. Moreover, actual notification is provided by Coast Guard patrol vessels enforcing the restrictions imposed by the rule. Because Federal Register publication was not possible before the beginning of the effective period, mariners were personally notified of the contents of these special local regulations, security zones, or safety zones by Coast Guard officials’ on-scene prior to any enforcement action. However, the Coast Guard, by law, must publish in the Federal Register notice of substantive rules adopted. To meet this obligation without imposing undue expense on the public, the Coast Guard periodically publishes a list of these special local regulations, security zones, and safety zones regulations. Permanent rules are not included in this list because they are published in their entirety in the Federal Register. Temporary rules are also published in their entirety if sufficient time is available to do so before they are placed in effect or terminated. The safety zones, special local regulations and security zones regulations listed in this notice have been exempted from review under Executive Order 12866, Regulatory Planning and Review, because of their emergency nature, or limited scope and temporary effectiveness. The following rules were placed in effect temporarily during the period from October 1, 2005, through December 31, 2005, unless otherwise indicated. Location ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... for t = E:\FR\FM\14APR1.SGM Date 14APR1 10/5/2005 10/1/2005 11/22/2005 11/30/2005 11/28/2005 12/1/2005 12/5/2005 12/26/2005 11/26/2005 11/26/2005 12/3/2005 10/5/2005 11/5/2005 11/17/2005

Agencies

[Federal Register Volume 71, Number 72 (Friday, April 14, 2006)]
[Rules and Regulations]
[Pages 19429-19431]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 06-3572]


=======================================================================
-----------------------------------------------------------------------

PENSION BENEFIT GUARANTY CORPORATION

29 CFR Parts 4022 and 4044


Benefits Payable in Terminated Single-Employer Plans; Allocation 
of Assets in Single-Employer Plans; Interest Assumptions for Valuing 
and Paying Benefits

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Final rule.

-----------------------------------------------------------------------

SUMMARY: The Pension Benefit Guaranty Corporation's regulations on 
Benefits Payable in Terminated Single-Employer Plans and Allocation of 
Assets in Single-Employer Plans prescribe interest assumptions for 
valuing and paying benefits under terminating single-employer plans. 
This final rule amends the regulations to adopt interest assumptions 
for plans with valuation dates in May 2006. Interest assumptions are 
also published on the PBGC's Web site (https://www.pbgc.gov).

DATES: Effective May 1, 2006.

FOR FURTHER INFORMATION CONTACT: Catherine B. Klion, Attorney, 
Legislative and Regulatory Department, Pension Benefit Guaranty 
Corporation, 1200 K Street, NW., Washington, DC 20005, 202-326-4024. 
(TTY/TDD users may call the Federal relay service toll-free at 1-800-
877-8339 and ask to be connected to 202-326-4024.)

SUPPLEMENTARY INFORMATION: The PBGC's regulations prescribe actuarial 
assumptions--including interest assumptions--for valuing and paying 
plan benefits of terminating single-employer plans covered by title IV 
of the Employee Retirement Income Security Act of 1974. The interest 
assumptions are intended to reflect current conditions in the financial 
and annuity markets.
    Three sets of interest assumptions are prescribed: (1) A set for 
the valuation of benefits for allocation purposes under section 4044 
(found in Appendix B to Part 4044), (2) a set for the PBGC to use to 
determine whether a benefit is payable as a lump sum and to determine 
lump-sum amounts to be paid by the PBGC (found in Appendix B to Part 
4022), and (3) a set for private-sector pension practitioners to refer 
to if they wish to use lump-sum interest rates determined using the 
PBGC's historical methodology (found in Appendix C to Part 4022).
    This amendment (1) Adds to Appendix B to Part 4044 the interest 
assumptions for valuing benefits for allocation purposes in plans with 
valuation dates during May 2006, (2) adds to Appendix B to Part 4022 
the interest assumptions for the PBGC to use for its own lump-sum 
payments in plans with valuation dates during May 2006, and (3) adds to 
Appendix C to Part 4022 the interest assumptions for private-sector 
pension practitioners to refer to if they wish to use lump-sum interest 
rates determined using the

[[Page 19430]]

PBGC's historical methodology for valuation dates during May 2006.
    For valuation of benefits for allocation purposes, the interest 
assumptions that the PBGC will use (set forth in Appendix B to part 
4044) will be 5.90 percent for the first 20 years following the 
valuation date and 4.75 percent thereafter. These interest assumptions 
represent an increase (from those in effect for April 2006) of 0.30 
percent for the first 20 years following the valuation date and are 
otherwise unchanged. These interest assumptions reflect the PBGC's 
recently updated mortality assumptions, which are effective for 
terminations on or after January 1, 2006. See the PBGC's final rule 
published December 2, 2005 (70 FR 72205), which is available at https://
www.pbgc.gov/docs/05-23554.pdf. Because the updated mortality 
assumptions reflect improvements in mortality, these interest 
assumptions are higher than they would have been using the old 
mortality assumptions.
    The interest assumptions that the PBGC will use for its own lump-
sum payments (set forth in Appendix B to part 4022) will be 3.00 
percent for the period during which a benefit is in pay status and 4.00 
percent during any years preceding the benefit's placement in pay 
status. These interest assumptions represent an increase (from those in 
effect for April 2006) of 0.25 percent for the period during which a 
benefit is in pay status and are otherwise unchanged.
    For private-sector payments, the interest assumptions (set forth in 
Appendix C to part 4022) will be the same as those used by the PBGC for 
determining and paying lump sums (set forth in Appendix B to part 
4022).
    The PBGC has determined that notice and public comment on this 
amendment are impracticable and contrary to the public interest. This 
finding is based on the need to determine and issue new interest 
assumptions promptly so that the assumptions can reflect, as accurately 
as possible, current market conditions.
    Because of the need to provide immediate guidance for the valuation 
and payment of benefits in plans with valuation dates during May 2006, 
the PBGC finds that good cause exists for making the assumptions set 
forth in this amendment effective less than 30 days after publication.
    The PBGC has determined that this action is not a ``significant 
regulatory action'' under the criteria set forth in Executive Order 
12866.
    Because no general notice of proposed rulemaking is required for 
this amendment, the Regulatory Flexibility Act of 1980 does not apply. 
See 5 U.S.C. 601(2).

List of Subjects

29 CFR Part 4022

    Employee benefit plans, Pension insurance, Pensions, Reporting and 
recordkeeping requirements.

29 CFR Part 4044

    Employee benefit plans, Pension insurance, Pensions.

0
In consideration of the foregoing, 29 CFR parts 4022 and 4044 are 
amended as follows:

PART 4022--BENEFITS PAYABLE IN TERMINATED SINGLE-EMPLOYER PLANS

0
1. The authority citation for part 4022 continues to read as follows:

    Authority: 29 U.S.C. 1302, 1322, 1322b, 1341(c)(3)(D), and 1344.


0
2. In appendix B to part 4022, Rate Set 151, as set forth below, is 
added to the table.

Appendix B to Part 4022--Lump Sum Interest Rates for PBGC Payments

* * * * *

--------------------------------------------------------------------------------------------------------------------------------------------------------
                   For plans with a valuation date     Immediate                                Deferred annuities  (percent)
    Rate set     ----------------------------------   annuity rate  ------------------------------------------------------------------------------------
                    On or after         Before         (percent)            i1               i2               i3               n1               n2
--------------------------------------------------------------------------------------------------------------------------------------------------------
 
                                                                      * * * * * * *
          151           5-1-06           6-1-06             3.00             4.00             4.00             4.00                7                8
--------------------------------------------------------------------------------------------------------------------------------------------------------

0
3. In appendix C to part 4022, Rate Set 151, as set forth below, is 
added to the table.

Appendix C to Part 4022--Lump Sum Interest Rates for Private-Sector 
Payments

* * * * *

--------------------------------------------------------------------------------------------------------------------------------------------------------
                   For plans with a valuation date     Immediate                                Deferred annuities  (percent)
    Rate set     ----------------------------------   annuity rate  ------------------------------------------------------------------------------------
                    On or after         Before         (percent)            i1               i2               i3               n1               n2
--------------------------------------------------------------------------------------------------------------------------------------------------------
 
                                                                      * * * * * * *
          151           5-1-06           6-1-06             3.00             4.00             4.00             4.00                7                8
--------------------------------------------------------------------------------------------------------------------------------------------------------

PART 4044--ALLOCATION OF ASSETS IN SINGLE-EMPLOYER PLANS

0
4. The authority citation for part 4044 continues to read as follows:

    Authority: 29 U.S.C. 1301(a), 1302(b)(3), 1341, 1344, 1362.


0
5. In appendix B to part 4044, a new entry for May 2006, as set forth 
below, is added to the table.

Appendix B to Part 4044--Interest Rates Used to Value Benefits

* * * * *

[[Page 19431]]



----------------------------------------------------------------------------------------------------------------
                                                                The values of it are:
 For valuation dates occurring in  -----------------------------------------------------------------------------
            the month--                  it        for t =         it        for t =         it        for t =
----------------------------------------------------------------------------------------------------------------
 
                                                  * * * * * * *
May 2006..........................       .0590         1-20        .0475          >20          N/A          N/A
----------------------------------------------------------------------------------------------------------------


    Issued in Washington, DC, on this 7th day of April 2006.
Vincent K. Snowbarger,
Deputy Executive Director, Pension Benefit Guaranty Corporation.
[FR Doc. 06-3572 Filed 4-13-06; 8:45 am]
BILLING CODE 7709-01-P
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